HomeMy WebLinkAbout23-03 - ADMIN Resolution - Economic Development Authority - 2023/01/17EDA Resolution No. 23-03
Resolution approving a memorandum of understanding with
Partnership in Property Commercial Land Trust
Whereas, the St. Louis Park Economic Development Authority (the “Authority”) was
created pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, as amended, and
was authorized to transact business and exercise its powers by a resolution adopted by the City
Council of the City of St. Louis Park, Minnesota (the “City”); and
Whereas, the Authority and the City have undertaken a program to promote economic
development and job opportunities, and promote the development and redevelopment of land
which is underutilized within the City; and
Whereas, to facilitate the redevelopment of certain property located at 4300 36 ½ Street
West in the City (the “Property”), the Authority acquired the Property for a purchase price of
$1,788,000.00; and
Whereas, Partnership in Property Commercial Land Trust, a Minnesota non -profit
corporation (the “Developer”), is interested in acquiring the Property from the Authority for
purposes of renovating the Property for use as a multi-tenant commercial building to be a part of
PIPCLT’s commercial land trust program to create and preserve affordable commercial space in the
City (the “Project”); and
Whereas, the Authority and the Developer are willing and desirous to mutually undertake
the Project if (i) a satisfactory agreement can be reached regarding the terms of sale of the
Property to the Developer; (ii) satisfactory financing for the Project can be secured; (iii) the parties
reach a satisfactory resolution of matters related to building redesign and renovation; and (iv) the
economic feasibility and soundness of the Project and other necessary preconditions have been
determined to the satisfaction of the parties; and
Whereas, there has been presented to the Board of Commissioners (the “Board”) of the
Authority a Memorandum of Understanding with the Developer related to the Property and the
Project (the “Memorandum”).
Now therefore be it resolved that the Authority hereby approves the Memorandum in
substantially the form presented to the Board, together with any related documents necessary in
connection therewith is approved (collectively, the “Development Documents”).
Be it further resolved that the Board hereby authorizes the President and Executive
Director, in their discretion and at such time, if any, as they may deem appropriate, to execute the
Development Documents on behalf of the Authority, and to carry out, on behalf of the Authority,
the Authority’s obligations thereunder when all conditions precedent thereto have been satisfied.
The Development Documents shall be in substantially the forms on file with the Authority and the
approval hereby given to the Development Documents includes approval of such additional details
therein as may be necessary and appropriate and such modifications thereof, deletions therefrom
and additions thereto as may be necessary and appropriate and approved by legal counsel to the
Authority and by the officers authorized herein to execute said documents prior to their execution;
and said officers are hereby authorized to approve said changes on behalf of the Authority. The
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EDA Resolution No. 23-03 2
execution of any instrument by the appropriate officers of the Authority herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms hereof. This
resolution shall not constitute an offer and the Development Documents shall not be effective
until the date of execution thereof as provided herein.
Be it further resolved that in the event of absence or disability of the officers, any of the
documents authorized by this resolution to be executed may be executed without further act or
authorization of the Board by any duly designated acting official, or by such other officer or officers
of the Board as, in the opinion of the City Attorney, may act on their behalf. Upon execution and
delivery of the Development Documents, the officers and employees of the Board are hereby
authorized and directed to take or cause to be taken such actions as may be necessary on behalf of
the Board to implement the Development Documents.
Be it further resolved that this resolution shall be effective upon approval.
Reviewed for Administration: Adopted by the Economic Development
Authority January 17, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest:
Melissa Kennedy, secretary
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